-- U.S.-based silicone producer Momentive Performance Materials has completed what we consider to be a distressed exchange offer. -- We are raising the corporate credit rating to 'CCC-' from 'SD' (selective default) and the senior unsecured and subordinated debt ratings to 'C' from 'D'. -- All other ratings on Momentive and its subsidiaries remain unchanged. -- The negative outlook on the rating reflects the company's extremely high debt leverage and continuing default risk. NEW YORK (Standard&Poor's) June 22, 2009--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Momentive Performance Materials Inc. to 'CCC-' from 'SD' and its senior unsecured and subordinated debt ratings on the company to 'C' from 'D'. The recovery
